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June 30, 2017

Newcastle Partners and Drake Real Estate Partners Buy in San Francisco's Jackson Square

RENTV

Newcastle Partners and NY-based Drake Real Estate Partners have acquired 900 Kearny Street, a 30k sf, six-story office building in San Francisco. Newcastle acquired the property via an off-market transaction from a local family that has owned the building since 1991.

At 80% leased, 900 Kearny is home to a diverse group of ten commercial office and retail tenants. The new ownership plans to undertake a value-add creative office renovation business plan.

Located in San Francisco's Jackson Square submarket, 900 Kearny is centrally located to public transportation, high-end retail and restaurants, and executive housing. Additionally, the under construction Chinatown central subway, scheduled to be operational in early 2019, will significantly add to the attraction of the submarket, bringing in potentially thousands of employees from all parts of the city.

"We really like 900 Kearny as a contrarian business plan to the traditional Transbay Terminal large corporate-user buildings. Jackson Square is now a hotbed of high-end VC and private equity firms," said Dennis Higgs, managing partner, Newcastle Partners. "We intend to gradually build out each space that comes available to a full, open ceiling, creative office design. It will be a dramatic improvement to the current look. The bones of the building and submarket location are exactly what we want for our portfolio."

The acquisition of 900 Kearny complements Newcastle Partners' existing portfolio of boutique office properties in the Jackson Square submarket, which include 555 Clay Street and 580 Pacific Avenue. Kidder Mathews will handle leasing for the building.

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